Thailand Exports Down 6.2% in July, Bigger Slump than Forecast

THAILAND - BANGKOK. Thai exports shrank for a 10th consecutive month in July, and at a far bigger rate than expected, as global demand remains sluggish, the commerce ministry said on Friday.

Customs-based exports, a key driver of Thailand's economy, contracted 6.2% in July from the same month a year earlier, compared with analysts' average estimated dip of 0.75% in a Reuters poll.

Thailand posted a trade deficit $1.98 billion in July versus a forecast deficit of $1.3 billion, with imports sliding 11.1% year-on-year.

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In the January-July period, exports contracted 5.5% from a year earlier, imports fell 4.7% and the trade deficit stood at $8.29 billion.

The July exports value was $22.14 billion.

Keerati Rushchano, the ministry's permanent secretary, told a press briefing the slump in Thai exports was less than that of many other countries.

He said the ministry would try to meet the annual export growth target of 1% to 2% this year, noting that would be difficult.

"Despite July's export fall, the big picture in terms of value, we are not bad," Keerati said.